BANKS UNDER FIRE. THE SPREAD RISES TO 314. ATLANTIA/GEMINA EXCHANGES ARE PUNISHED. ONLY FIAT RUNS.
Piazza Affari -0,95 bringing up the rear in Europe with Madrid -1,29%. Fitch's downgrading to Italy last Friday and Istat's confirmation of the 2,4% drop in 2012 GDP weigh particularly on the Ftse Mib (16.050 points). Fitch's downgrade affects government bonds above all, on the eve of the mid-month auctions (15 billion). This morning the BTP at 10 years it offers a yield of 4,66% with a spread of 314 (+7 points compared to Friday).
Other European markets were also down: London, -0,02%, Paris -0,47%, Frankfurt -0,34%. The tensions in Korea and the uncomforting data on the performance of the Chinese economy are weighing on investors' mood: in February, inflation reached its highest level in the last 10 months, while industrial production and consumer spending were weaker than expected.
Sales in the banking sector are raining. In Piazza Affari he retreats Understanding -1,8%. On the eve of the board meeting on the SocGen accounts, it lowered its judgment to sell, the target price at 1,15 euro from the previous 1,25 euro. Unicredit -2%. SocGen has lowered the target price to 4 euros from 4,5 euros, a hold recommendation for the bank in Piazza Cordusio: on Friday the board of directors will approve the 2012 accounts and decide on the dividend. BancoPopular -2%, SocGen cut the target price to 1,2 euro from 1,6 euro, hold recommendation. Mediobanca -2,6% Mount Paschi -1,9%. Generali lose 1,3%, Unipol -1,93%. Fonsai -2,25%.
In decline the protagonists of the marriage of infrastructures: gemina -6.45% after the announcement of the exchange ratio for the merger with Atlantia -4,95%. the board of Impregile it -0,35% in addition to approving the preliminary results for 2012, which showed revenues of 2,28 billion and net profit of 601 million and net financial debt of 567 million, it also approved a total dividend hypothesis of around 600 million, equal to 1,5 .XNUMX euro per share, expressing a positive opinion on Salini's offer, also in the light of the positive opinion of the independent directors.
The best blue chip is Fiat +1,9% followed by Fiat Industrial +1,29%. Deutsche Bank raised its judgment to buy from hold, bringing the target price to 12,5 euros from 9,5 euros. Finmeccanica down 1,5%, StM -1,1%. It also goes down Diasorin -3,7%. The American broker Jefferies lowered the target price to 33 euros from 34 euros, confirming the buy opinion. Generali lose 1,3%, Unipol -1,93%. Fonsai -2,25%. Telecom Italy falls by 1,4%. Enel -0,3% Eni -0,6%.
